on Electrovaya, Inc. (NASDAQ:ELVA)
Electrovaya Commences Drawdown on $50.8 Million EXIM Loan Facility
Electrovaya Inc., a lithium-ion battery technology company, announced the initiation of drawdowns on its $50.8 million EXIM debt facility. This loan will fund capital and engineering expenses for its Jamestown, New York facility. The drawdowns will occur regularly over the next 12 months. The facility has a fixed interest rate of 4.90% and a term of 6.5 years.
Construction at Jamestown is progressing. The company has partnered with equipment providers to complete design reviews tailored to its Infinity technology. Plans have been finalized with engineering and vendor collaborations.
Electrovaya has hired Marvin Lee as a senior engineering lead to support manufacturing and has added more engineering staff to the team. Prof. Donald Sadoway has stepped down from the board due to a conflict of interest.
R. P.
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